Early Warning System

IFC-41721 DCM BAY Women Entrepreneur Bond Early Warning System IFC-41721 DCM BAY Women Entrepreneur Bond

Quick Facts

Countries Thailand Financial Institutions International Finance Corporation (IFC) Status Approved Risk Rating FI Voting Date 2019-06-13 Borrower Public Company Limited Sectors Finance Ring Fence Small & Medium Enterprises Investment Type(s) Loan Investment Amount (USD) $ 150.00 million Project Cost (USD) $ 220.00 million

Early Warning System https://ews.rightsindevelopment.org/ [email protected] Early Warning System IFC-41721 DCM BAY Women Entrepreneur Bond

Project Description

According to the bank website, "The proposed investment entails IFC anchor investment of up to US$150 million in a US$220 million privately-placed, senior, unsecured USD-denominated “Women Entrepreneurs Bonds” to be issued by Bank of Ayudhya Public Company Ltd. (“Krungsri” or the “Bank”) to finance the expansion of the Bank’s women-led small and medium enterprises (“WSME”) loan portfolio (the “Project”). The Project will support the Bank’s ongoing efforts to increase its lending portfolio to WSMEs, an important sector that drives economic growth and employment, and to promote resilient and sustainable growth and strengthen financial inclusion in Thailand. Krungsri is the fifth largest commercial bank in Thailand, in terms of total assets, with 11.4% market share of total banking sector assets (US$67 billion) as of December 2018. The Bank has a leading position in consumer lending and ranks #1 in retail and #5 in the SME and corporate loan segments. Krungsri is listed on the Stock Exchange of Thailand, with a market cap of US$9.4 billion as of July 31, 2019 and is recognized as a Domestic Systematically Important Bank by the Bank of Thailand. IFC has a multi-level partnership with the Bank and its subsidiaries in the East Asia and the Pacific region, notably Limited in Cambodia, as well as the Bank’s major shareholder - MUFG Bank, Ltd., the largest commercial bank in Japan (“MUFG Bank”)"

Early Warning System https://ews.rightsindevelopment.org/ [email protected] Early Warning System IFC-41721 DCM BAY Women Entrepreneur Bond

Investment Description

International Finance Corporation (IFC) Financial Intermediary

Financial Intermediary: A commercial bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.

Bank of Ayudhya Public Company Limited (Financial Intermediary)

Early Warning System https://ews.rightsindevelopment.org/ [email protected] Early Warning System IFC-41721 DCM BAY Women Entrepreneur Bond

Private Actors Description

According to IFC, Krungsri is a strategic subsidiary of MUFG Bank, formerly Bank of Tokyo- UFJ, Ltd., which owned 76.88% of the Bank as of July 31, 2019. MUFG Bank is a multinational banking and corporation based in Japan with consolidated total assets of US$2,904 billion as of June 2019. It became a shareholder in Krungsri in 2013. As a major shareholder and a strategic partner, MUFG Bank has provided a wide range of support such as product development, risk management, information technology, global network, and marketing to help strengthen Krungsri’s franchise and operations.

Early Warning System https://ews.rightsindevelopment.org/ [email protected] Early Warning System IFC-41721 DCM BAY Women Entrepreneur Bond

Private Actor Private Actor Private Actor Private Actor Private Actor 1 1 Role 1 Sector Relation Private Actor 2 2 Role 2 Sector

ACS Parent Construction owns Dragados SA Client Construction Company

ACS Parent Construction owns Hochtief AG Client Construction Company

Akira Holding Foundation Parent Agriculture and owns Louis Dreyfus Co Asia Pte Client Agriculture and Company Forestry Ltd Forestry

Akira Holding Foundation Parent Agriculture and owns Louis Dreyfus Co Brasil SA Client Agriculture and Company Forestry Forestry

Alliance Global Group Inc Parent Agriculture and owns Emperador International Ltd Client Agriculture and Company Forestry Forestry

Amadeus IT Holding SA Parent Communications owns AMADEUS IT GROUP SA Client Communications Company

Amkor Technology Inc Parent Communications owns Amkor Technology Japan KK Client Communications Company

Amkor Technology Inc Parent Communications owns J-Devices Corp Client Communications Company

ASM International NV Parent Construction owns ASM Pacific Technology Ltd Client Construction Company

Aso Corp Parent Construction owns Nittoc Constr Co Ltd Client Construction Company

Ati Invest Parent Llp Parent Construction owns Array Technologies Inc Client Construction Company

Bacardi & Co Ltd Parent Agriculture and owns Bacardi Ltd Client Agriculture and Company Forestry Forestry

Bain Capital LP Parent Communications owns Toshiba Memory Corp Client Communications Company

Broadcom Inc Parent Communications owns Broadcom Corp Client Communications Company

BSA International SA Parent Agriculture and owns Groupe Lactalis SA Client Agriculture and Company Forestry Forestry

BSA SAS Parent Agriculture and owns Groupe Lactalis SA Client Agriculture and Company Forestry Forestry

Bunge Ltd Parent Agriculture and owns Bunge Finance Europe Client Agriculture and Company Forestry Forestry

Cardinal Health Inc Parent Communications owns naviHealth Inc Client Communications Company

Carlsberg A/S Parent Agriculture and owns Carlsberg Breweries A/S Client Agriculture and Company Forestry Forestry

CHUBU Electric Power Co Parent Construction owns Toenec Corp Client Construction Inc Company

Early Warning System https://ews.rightsindevelopment.org/ [email protected] Early Warning System IFC-41721 DCM BAY Women Entrepreneur Bond

Private Actor Private Actor Private Actor Private Actor Private Actor 1 1 Role 1 Sector Relation Private Actor 2 2 Role 2 Sector

CNH Industrial NV Parent Construction owns CNH Global NV Client Construction Company

Co-operative Bulk Handling Parent Agriculture and owns CBH Grain Pty Ltd Client Agriculture and Ltd Company Forestry Forestry

COFCO Corp Parent Agriculture and owns COFCO (Hong Kong) Ltd Client Agriculture and Company Forestry Forestry

Cosan Ltd Parent Agriculture and owns Usina da Barra SA(Grupo Client Agriculture and Company Forestry Cosan) Forestry

Dell Technologies Inc Parent Communications owns Dell Finl Svcs Pty Ltd Client Communications Company

ECOM Agroindustrial Corp Parent Agriculture and owns ECOM Agroindustrial Asia Ltd Client Agriculture and Ltd Company Forestry Forestry

Farmers Co-operative Dairy Parent Agriculture and owns Agropur Cooperative Client Agriculture and Company Forestry Forestry

First Solar Inc Parent Communications owns Cal Flats Solar InvestCo LLC Client Communications Company

FKS Group Parent Agriculture and owns FKS Food & Agro Pte Ltd Client Agriculture and Company Forestry Forestry

Fortress Investment Group Parent Construction owns Interpool Inc Client Construction LLC Company

Francisco Partners Mgmt Lp Parent Communications owns Ichor Systems Inc Client Communications Company

Gardner Denver Holdings Inc Parent Construction owns Gardner Denver Inc Client Construction Company

Garfield Weston Foundation Parent Agriculture and owns Associated British Foods PLC Client Agriculture and Company Forestry Forestry

GDC Transition Co Parent Construction owns Guardian Industries Corp Client Construction Company

GI Partners LLP Parent Communications owns Peak 10 Inc Client Communications Company

Grupo Argos SA Parent Construction owns Argos N America Corp Client Construction Company

Hitachi Ltd Parent Communications owns Clarion Co Ltd Client Communications Company

Hitachi Ltd Parent Construction owns Hitachi Construction Client Construction Company Machinery

HNA Technology Co Ltd Parent Communications owns Ingram Micro Inc Client Communications Company

Honeywell International Inc Parent Construction owns Honeywell Intl Inc-Homes & Client Construction Company

Early Warning System https://ews.rightsindevelopment.org/ [email protected] Early Warning System IFC-41721 DCM BAY Women Entrepreneur Bond

Private Actor Private Actor Private Actor Private Actor Private Actor 1 1 Role 1 Sector Relation Private Actor 2 2 Role 2 Sector

Imperial Brands PLC Parent Agriculture and owns Imperial Brands Finance PLC Client Agriculture and Company Forestry Forestry

Infrared Capital Partners Ltd Parent Construction owns HS1 (High-Speed Rail) Asts Client Construction Company

Ingersoll Rand Inc Parent Construction owns Gardner Denver Inc Client Construction Company

Ingersoll-Rand PLC Parent Construction owns Ingersoll-Rand Glbl Hldgs Co Client Construction Company

Inmobiliaria Carso SA de CV Parent Construction owns FCC Client Construction Company

JAB Holding Co Sarl Parent Agriculture and owns Jde Peets Bv Client Agriculture and Company Forestry Forestry

Janus Henderson Group PLC Parent Construction owns John Laing PLC Client Construction Company

Japan Tobacco Inc Parent Agriculture and owns Japan Tobacco International Client Agriculture and Company Forestry SA Forestry

Jardine Matheson Holdings Parent Agriculture and owns Astra Agro Lestari Tbk PT Client Agriculture and Ltd Company Forestry Forestry

Jardine Matheson Holdings Parent Construction owns United Tractors Tbk PT Client Construction Ltd Company

Kendall-Jackson Wines Parent Agriculture and owns Jackson Family Wines Inc Client Agriculture and Company Forestry Forestry

Kingboard Chem Hldg Ltd Parent Agriculture and owns Kingboard Laminates Hldg Ltd Client Agriculture and (Now Company Forestry Forestry

KKR & Co LP Parent Communications owns Pioneer DJ Corp Client Communications Company

Kobe Steel Ltd Parent Construction owns Kobelco Cons Finl Client Construction Company Ltd

Kobe Steel Ltd Parent Construction owns Chengdu Kobelco Constr Client Construction Company Group

L'Arche Green NV Parent Agriculture and owns Heineken International BV Client Agriculture and Company Forestry Forestry

Limagrain SCA Parent Agriculture and owns VILMORIN & CIE SA Client Agriculture and Company Forestry Forestry

Lincoln Electric Holdings Inc Parent Communications owns Vizient LLC Client Communications Company

Lotte Holdings Co Ltd Parent Agriculture and owns Lotte Co Ltd Client Agriculture and Company Forestry Forestry

Maple Holdings BV Parent Agriculture and owns Keurig Dr Pepper Inc Client Agriculture and Company Forestry Forestry

Early Warning System https://ews.rightsindevelopment.org/ [email protected] Early Warning System IFC-41721 DCM BAY Women Entrepreneur Bond

Private Actor Private Actor Private Actor Private Actor Private Actor 1 1 Role 1 Sector Relation Private Actor 2 2 Role 2 Sector

Marubeni Corp Parent Agriculture and owns Helena Chemical Client Agriculture and Company Forestry Forestry

Metcash Ltd Parent Agriculture and owns Metcash Trading Ltd Client Agriculture and Company Forestry Forestry

Ministry of Finance Parent Agriculture and owns Olam International Ltd Client Agriculture and Singapore Company Forestry Forestry

Miyaji Engineering Group Inc Parent Construction owns Miyaji Engineering Co Ltd Client Construction Company

Mondelez International Inc Parent Agriculture and owns Mondelez Intl Hldg Client Agriculture and Company Forestry Netherlands Forestry

NEC Corp Parent Communications owns Japan Aviation Electronics Ind Client Communications Company

Nichiha Corp Parent Construction owns Chuo KK Client Construction Company

Nippon Sheet Glass Co Ltd Parent Construction owns NSG UK Enterprises Ltd Client Construction Company

Nisshinbo Holdings Inc Parent Communications owns New Japan Radio Co Ltd Client Communications Company

NutriAsia Inc Parent Agriculture and owns Del Monte Foods Inc Client Agriculture and Company Forestry Forestry

NutriAsia Inc Parent Agriculture and owns Del Monte Pacific Ltd Client Agriculture and Company Forestry Forestry

Onex Corp Parent Communications owns Celestica Inc Client Communications Company

Oriental Consultants Hldg Parent Construction owns Oriental Consultants Co Ltd Client Construction Co Company

PQ Group Holdings Inc Parent Construction owns Potters Industries LLC Client Construction Company

Quintiles Ims Holdings Inc Parent Communications owns IMS Health Inc Client Communications Company

Reggeborgh BV Parent Construction owns VolkerWessel Client Construction Company

Rgm Intl Parent Agriculture and owns April Intl Entrp Pte Ltd Client Agriculture and Company Forestry Forestry

RWE AG Parent Construction owns Triton Knoll Offshore Wind Client Construction Company

Sabre Corp Parent Communications owns Sabre Holdings Corp Client Communications Company

Singha Corp Co Ltd Parent Agriculture and owns Boon Rawd Trading Co Ltd Client Agriculture and Company Forestry Forestry

Early Warning System https://ews.rightsindevelopment.org/ [email protected] Early Warning System IFC-41721 DCM BAY Women Entrepreneur Bond

Private Actor Private Actor Private Actor Private Actor Private Actor 1 1 Role 1 Sector Relation Private Actor 2 2 Role 2 Sector

SKY Group Holdings Parent Agriculture and owns Kakuyasu Co Ltd Client Agriculture and Company Forestry Forestry

SKY Group Holdings Parent Agriculture and owns Kakuyasu Group Co Ltd Client Agriculture and Company Forestry Forestry

SouthWorth Capital Parent Communications owns OnlineTechStores.com Inc Client Communications Management Company

SPIE SA SPV Parent Construction owns Spie SA Client Construction Company

Suzano Papel e Celulose SA Parent Agriculture and owns Suzano Pulp & Paper Europe Client Agriculture and Company Forestry SA Forestry

TIAA Parent Construction owns John Laing PLC Client Construction Company

Top Frontier Holdings Inc Parent Agriculture and owns San Miguel Corp Client Agriculture and Company Forestry Forestry

Trac Intermodal Corp Parent Construction owns Interpool Inc Client Construction Company

United Arab Emirates Parent Communications owns Globalfoundries Inc Client Communications Company

United Arab Emirates Parent Communications owns GLOBALFOUNDRIES Client Communications Company Singapore

Vista Eq Partners Mgmt LLC Parent Communications owns Consona Corp Client Communications Company

Voith GmbH Parent Agriculture and owns Voith Paper China Co Ltd Client Agriculture and Company Forestry Forestry

Votorantim SA Parent Construction owns Votorantim Cimentos SA Client Construction Company

VST Holdings Ltd Parent Communications owns Ecs (Shanghai) Mgmt Co Ltd Client Communications Company

WH Group Ltd Parent Agriculture and owns Smithfield Foods Inc Client Agriculture and Company Forestry Forestry

Woodbridge Co Ltd Parent Communications owns Refinitiv Client Communications Company

Yamada Consulting Group Co Parent Agriculture and owns Vox Trading Co Ltd Client Agriculture and Ltd Company Forestry Forestry

Yinson Holdings Bhd Parent Construction owns Yinson Prodn (W Africa) Pte Client Construction Company

Yoshimoto Parent Communications owns Unipulse Corp Client Communications Company

Zuivelcooperatie Parent Agriculture and owns FrieslandCampina Client Agriculture and Company Forestry Investments Forestry

Early Warning System https://ews.rightsindevelopment.org/ [email protected] Early Warning System IFC-41721 DCM BAY Women Entrepreneur Bond

Contact Information

Bank of Ayudhya Public Company Ltd. Duangkhae Khunviseadpong Senior vice president head of department +66 (0) 2296 5307 [email protected] 1222 Rama III Road, Bang Phongphang, Yan Nawa, 10120 Thailand https://www.krungsri.com/bank/en/Contact/CU/ContactUs.html

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at [email protected]. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

Early Warning System https://ews.rightsindevelopment.org/ [email protected]